PUMP PANIC: Biden prepares to tap diesel reserve as pressure mounts to bring prices down
as a result of strong consumer demand, trillions in government stimulus and disruptions in the global supply chain. The Russian war in Ukraine has also magnified the problem: Diesel inventories in the Northeast have plunged to record lows in recent weeks in part because of the conflict.
Alarmed by the drop in inventories in the Northeast and rising prices, the Biden team started conducting internal briefings and consulted with fuel retailers, as well as, to better understand the situation, the White House official said. By comparison, the White House has already tapped the nation's stockpile of emergency oil, called the Strategic Petroleum Reserve, several times to help reduce rising energy prices. The reserve currently contains 420 million barrels of crude oil, even after the recent releases.
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